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ATN Reports Second-Quarter 2023 Results; Reiterates Outlook

“First-to-Fiber” and “Glass & SteelTM” Strategies Drive Year Over Year Growth

  • Grew revenue 4% to $186.4 million
  • Increased total high-speed subscribers by 22%
  • Expanded broadband homes passed by high-speed data services by 66%
  • Capital expenditures were $38.9 million (net of $4.9 million of reimbursements)

Operating Income and Adjusted EBITDA Improvements Follow Subscriber and Revenue Growth

  • Increased net income to $0.8 million, or a $(0.03) loss per share; operating income increased to $2.4 million
  • Increased Adjusted EBITDA1 by 10% to $45.8 million

Reiterates 2023 Outlook3

  • Adjusted EBITDA expected to be in the range of $183 million to $193 million
  • Capital expenditures expected to be in the range of $160 million to $170 million

Earnings Conference Call

BEVERLY, Mass., July 26, 2023 (GLOBE NEWSWIRE) -- ATN International, Inc. (“ATN” or the “Company”) (Nasdaq: ATNI), a leading provider of digital infrastructure and communications services, today reported financial results for the three and six months ended June 30, 2023.

Remarks by Michael Prior, ATN CEO

“The growth in revenues and our customer base contributed to margin improvement and Adjusted EBITDA expansion, tracking to our three-year plan. Over the past year, we have increased the number of homes passed by fiber and other high-speed networks by 66%. This has led to 22% growth in our high-speed data subscribers as we have upgraded legacy broadband users and brought on new subscribers. This early success improves the durability of our revenue further validating our Glass & SteelTM and First-to-Fiber strategies. Also, we were pleased with the 14% growth in international mobile subscribers.

“As expected, we closed a major, long-term contract with a national mobile carrier during the quarter to provide network, infrastructure, and technical services. This long-term contract leverages our operating capabilities and a mobile network covering more than 50,000 square miles of the western United States.

“Our long-term track record of strong operational and financial performance provided the foundation to refinance our main credit facility on attractive terms despite the current market environment. The new facilities have five- and six-year maturities, adding to our financial strength and flexibility. As we enter the latter stages of our three-year fiber-driven expansion, our focus is shifting toward increasing free cash flow and reducing our leverage ratio, as we anticipate network spending to moderate while growing our subscriber base and recurring revenue on this expanded and upgraded network footprint.”

Second Quarter 2023 Financial Results

Consolidated revenues were $186.4 million, up 4% versus $179.5 million in the year-ago quarter. This increase primarily reflects higher mobility and fixed revenues, including those from a recent acquisition, partially offset by lower legacy roaming and construction revenues.

Operating income rose to $2.4 million, from $1.7 million in the year-ago quarter. The year-over-year increase was primarily due to higher revenues, partially offset by an increase in operating and depreciation expenses from a recent acquisition.

Net income attributable to ATN stockholders increased to $0.8 million, and a net loss of $(0.03) per share, compared with a net loss attributable to ATN stockholders of $(0.5) million, or $(0.11) loss per share, in the year-ago quarter. The improvement in net income was due primarily to an increase in operating income, an income tax benefit and income from non-controlling investments, partially offset by a $6.1 million increase in interest expense. In both periods, the loss per share calculation includes the impact of preferred dividends that are not included in the net income (loss) calculation.

Adjusted EBITDA1 increased to $45.8 million, from $41.7 million in the year-ago quarter.

Segment Operating Results (in Thousands)

The Company recorded financial results in three categories: (i) International Telecom; (ii) US Telecom; and (iii) Corporate and Other.

For Three Months Ended June 30, 2023 and 2022
                 
    2023     2022     2023     2022     2023     2022     2023     2022  
  International International US US Corporate and Corporate and Total Total
  Telecom Telecom Telecom Telecom Other* Other* ATN ATN
Total Revenue: $ 91,981   $ 88,406   $ 94,460   $ 91,091   $ -   $ -   $ 186,441   $ 179,497  
Mobility   26,856     24,954     977     1,850     -     -     27,833     26,804  
Fixed   59,673     58,349     58,103     51,032     -     -     117,776     109,381  
Carrier Services   3,879     3,421     31,576     31,753     -     -     35,455     35,174  
Construction   -     -     1,020     3,297     -     -     1,020     3,297  
All other   1,573     1,682     2,784     3,159     -     -     4,357     4,841  
                 
Operating Income (Loss) $ 14,552   $ 11,645   $ (2,394 ) $ (281 ) $ (9,720 ) $ (9,642 ) $ 2,438   $ 1,722  
EBITDA2 $ 29,022   $ 27,113   $ 21,816   $ 20,338   $ (9,039 ) $ (8,662 ) $ 41,799   $ 38,789  
Adjusted EBITDA1 $ 29,128   $ 27,169   $ 22,776   $ 20,729   $ (6,113 ) $ (6,157 ) $ 45,791   $ 41,741  
Capital Expenditures** $ 17,408   $ 18,699   $ 21,450   $ 18,063   $ (5 ) $ 222   $ 38,853   $ 36,984  
                 
                 
For Six Months Ended June 30, 2023 and 2022
                 
    2023     2022     2023     2022     2023     2022     2023     2022  
  International International US US Corporate and Corporate and Total Total
  Telecom Telecom Telecom Telecom Other* Other* ATN ATN
Total Revenue: $ 182,389   $ 175,191   $ 189,825   $ 176,326   $ -   $ -   $ 372,214   $ 351,517  
Mobility   52,963     48,540     2,136     3,680     -     -     55,099     52,220  
Fixed   118,563     116,696     117,004     97,147     -     -     235,567     213,843  
Carrier Services   7,570     6,823     63,660     64,742     -     -     71,230     71,565  
Construction   -     -     1,610     5,283     -     -     1,610     5,283  
All other   3,293     3,132     5,415     5,474     -     -     8,708     8,606  
                 
Operating Income (Loss) $ 28,377   $ 23,450   $ (6,737 ) $ (4,914 ) $ (18,566 ) $ (16,703 ) $ 3,074   $ 1,833  
EBITDA2 $ 57,413   $ 53,233   $ 41,826   $ 36,987   $ (17,154 ) $ (14,770 ) $ 82,085   $ 75,450  
Adjusted EBITDA1 $ 57,586   $ 54,380   $ 45,583   $ 40,398   $ (12,581 ) $ (10,942 ) $ 90,588   $ 83,836  
Capital Expenditures** $ 38,906   $ 33,870   $ 50,584   $ 36,910   $ (40 ) $ 424   $ 89,450   $ 71,204  

* Corporate and Other refer to corporate overhead expenses and consolidating adjustments.
**Excludes government capital programs amounts disbursed and amounts received.

ATN’s Strategic Plan and Key Performance Indicators

Investments to drive long-term growth and durable cash flow To address the growing need for more bandwidth and reliable connectivity across all markets in which we operate, the Company continues to deploy capital in fiber and fiber-fed high-speed data solutions to increase the Company’s fiber footprint and grow broadband subscribers.

Operating Metrics

Operating Metrics
             
  2023 2023 2022 2022 2022 Q2 2023
  Q2 Q1 Q4 Q3 Q2  vs. Q2 2022
Broadband Homes Passed 746,800   736,300   728,900   613,600   614,200   22%
Broadband Homes Passed by HSD* 331,000   301,600   275,100   219,300   199,800   66%
             
Broadband Customers 217,100   216,900   210,300   205,200   204,500   6%
HSD* Broadband Customers 129,000   122,600   113,000   110,700   105,600   22%
             
Fiber Route Miles 11,561   11,099   10,545   9,756   9,399   23%
             
International Mobile Subscribers            
Pre-Paid 340,200   328,800   322,000   301,800   297,000   15%
Post-Paid 58,900   56,900   55,700   54,200   51,900   13%
Total 399,100   385,700   377,700   356,000   348,900   14%
             
Blended Churn 2.69 % 2.81 % 2.25 % 3.02 % 2.80 %  

*HSD is defined as download speeds 100 Mbps or greater and HSD Broadband Customers as subscribers connected to our high-speed networks regardless of the speed of plan selected.

Note: Data presented may differ from prior periods to reflect more accurate data and/or changes in calculation methodology and process.

Balance Sheet and Cash Flow Highlights

Total cash, cash equivalents and restricted cash as of June 30, 2023, was $67.2 million and total debt was $482.1 million, versus $72.2 million of cash, cash equivalents and restricted cash and $356.1 million of total debt at the end of the year-ago quarter.

Net cash provided by operating activities was $60.3 million for the six months ended June 30, 2023, compared with net cash provided by operating activities of $50.7 million in the prior year period.   

Capital expenditures were $89.5 million net of $7.0 million of reimbursable capital expenditures for the six months ended June 30, 2023, versus $71.2 million, net of $3.9 million of reimbursable capital expenditures a year ago.

Quarterly Dividends and Stock Repurchases

Quarterly dividends ATN paid a quarterly dividend of $0.21 per share on July 7, 2023, on all common shares outstanding to stockholders of record as of June 30, 2023.

Stock repurchases of the Company’s common stock totaled $6.8 million in the first six months of 2023.

Guidance and Outlook

The Company is continuing investments in its “Glass & Steel™” and “First-to-Fiber” market strategies. At the start of 2022, the Company set business targets to be achieved exiting 2024 following a three-year period of above-normal network investments. In 2023, the Company believes it remains well-positioned to achieve the growth rate targets, capital expenditure levels projected, and projected leverage ratios.

Reiterates outlook for full year ending December 31, 2023:

Adjusted EBITDA1 $183 million to $193 million Full year 2023
Capital Expenditures $160 million to $170 million Full year 2023


Reiterates outlook for the three-year period ending December 31, 2024:

Revenue CAGR 4-6% 2021-2024
Adjusted EBITDA1 CAGR 8-10% 2021-2024
Capital Expenditures Return to 10-15% of Revenue After 2024
Net Debt Ratio Approx. 2.0x Exiting 2024

Note: Revenue and Adjusted EBITDA CAGRS assume full year 2021 Alaska results and exclude construction revenue.


For the Company’s three-year outlook for Adjusted EBITDA, CAGR, Net Debt and Net Debt Ratio, the Company is not able to provide without unreasonable effort the most directly comparable GAAP financial measures, or reconciliations to such GAAP financial measures, on a forward-looking basis. Please see “Use of Non-GAAP Financial Measures” below for a full description of items excluded from the Company’s expected Adjusted EBITDA and Net Debt.

Conference Call Information

Call Date: Thursday, July 27, 2023
Call Time: 10:00 a.m. ET
Webcast Link: https://edge.media-server.com/mmc/p/hweveeqj
Live Call Participant Link: https://register.vevent.com/register/BI91d57dad09fe477f9509fd230131cc7b

Webcast Link InstructionsA live audio webcast of the conference call is available by visiting the “Webcast Link” above or the “Events & Presentations” section of the Company’s Investor Relations website at https://ir.atni.com/events-and-presentations. A replay of the conference call will be available at the same location approximately one hour after the live call concludes. The Company also will provide an investor presentation as a supplement to the call on the “Events & Presentations” section of its Investor Relations website.

About ATN

ATN International, Inc. (Nasdaq: ATNI), headquartered in Beverly, Massachusetts, is a leading provider of digital infrastructure and communications services for all. The Company operates in the United States and internationally, including the Caribbean region, with a focus on rural and remote markets with a growing demand for infrastructure investments. The Company’s operating subsidiaries today primarily provide: (i) advanced wireless and wireline connectivity to residential, business, and government customers, including a range of high-speed Internet and data services, fixed and mobile wireless solutions, and video and voice services; and (ii) carrier and enterprise communications services, such as terrestrial and submarine fiber optic transport, and communications tower facilities. For more information, please visit www.atni.com.

Use of Non-GAAP Financial Measures and Definition of Terms

In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this press release also contains non-GAAP financial measures. Specifically, the Company has included EBITDA, Adjusted EBITDA, Net Debt, and Net Debt Ratio in this release and the tables included herein.

EBITDA is defined as Operating income (loss) before depreciation and amortization expense.

Adjusted EBITDA is defined as Operating income (loss) before depreciation and amortization expense, transaction-related charges, restructuring expenses, one-time impairment or special charges, and the gain (loss) on disposition of assets. To more closely align with similar calculations presented by companies in its industry, beginning in this first quarter of 2023, the Company excluded non-cash stock-based compensation in its adjustment to derive Adjusted EBITDA. Prior periods have been restated to conform to this definition change.

Net Debt is defined as total debt less cash and cash equivalents and restricted cash.

Net Debt Ratio is defined as Net Debt divided by the trailing four quarters’ ended total Adjusted EBITDA at the measurement date.

The Company believes that the inclusion of these non-GAAP financial measures helps investors gain a meaningful understanding of the Company's core operating results and enhances the usefulness of comparing such performance with prior periods. Management uses these non-GAAP measures, in addition to GAAP financial measures, as the basis for measuring the Company’s core operating performance and comparing such performance to that of prior periods. The non-GAAP financial measures included in this press release are not meant to be considered superior to or a substitute for results of operations prepared in accordance with GAAP. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are set forth in the text of, and the accompanying tables to, this press release. While non-GAAP financial measures are an important tool for financial and operational decision-making and for evaluating the Company’s own operating results over different periods of time, the Company urges investors to review the reconciliation of these financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measure to evaluate its business.

Cautionary Language Concerning Forward-Looking Statements

This press release contains forward-looking statements relating to, among other matters, the Company’s future financial performance, business goals and objectives, and results of operations, expectations regarding the transition of its US Telecom business, its future revenues, operating income, cash flows, EBITDA, Adjusted EBITDA, Net Debt, Net Debt Ratio, and capital investments; demand for the Company’s services and industry trends; the Company’s liquidity; our expansion into growing markets; the expansion of the Company’s customer base; and management’s plans and strategy for the future. These forward-looking statements are based on estimates, projections, beliefs, and assumptions and are not guarantees of future events or results. Actual future events and results could differ materially from the events and results indicated in these statements as a result of many factors, including, among others, (1) the general performance of the Company’s operations, including operating margins, revenues, capital expenditures, and the retention of and future growth of the Company’s subscriber base and ARPU; (2) the Company’s reliance on a limited number of key suppliers and vendors for timely supply of equipment and services relating to the Company’s network infrastructure; (3) the Company’s ability to satisfy the needs and demands of the Company’s major carrier customers; (4) the Company’s ability to realize expansion plans for its fiber markets; (5) the adequacy and expansion capabilities of the Company’s network capacity and customer service system to support the Company’s customer growth; (6) the Company’s ability to efficiently and cost-effectively upgrade the Company’s networks and information technology platforms to address rapid and significant technological changes in the telecommunications industry; (7) the Company’s continued access to capital and credit markets on terms it deems favorable; (8) government subsidy program availability and regulation of the Company’s businesses, which may impact the Company’s telecommunications licenses, the Company’s revenue and the Company’s operating costs; (9) the Company’s ability to successfully transition its US Telecom business away from wholesale wireless to other carrier and consumer-based services; (10) ongoing risk of an economic downturn, political, geopolitical and other risks and opportunities facing the Company’s operations, including those resulting from the continued inflation and other macroeconomic headwinds including increased costs and supply chain disruptions; (11) the loss of, or an inability to recruit skilled personnel in the Company’s various jurisdictions, including key members of management; (12) the Company’s ability to find investment or acquisition or disposition opportunities that fit the strategic goals of the Company; (13) the occurrence of weather events and natural catastrophes and the Company’s ability to secure the appropriate level of insurance coverage for these assets; and (14) increased competition. These and other additional factors that may cause actual future events and results to differ materially from the events and results indicated in the forward-looking statements above are set forth more fully under Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 15, 2023, and the other reports the Company files from time to time with the SEC. The Company undertakes no obligation and has no intention to update these forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors that may affect such forward-looking statements, except as required by law.

Contact
 
   
Justin D. Benincasa Ian Rhoades
Chief Financial Officer Investor Relations
ATN International, Inc. Sharon Merrill Advisors, Inc.
978-619-1300 ATNI@investorrelations.com


       
Table 1
ATN International, Inc.
Unaudited Condensed Consolidated Balance Sheets
(in Thousands)
       
    June 30,       December 31,  
    2023       2022  
Assets:              
Cash and cash equivalents $ 64,005     $ 54,660  
Restricted cash   3,217       5,068  
Customer receivable   6,625       5,803  
Other current assets   174,249       164,157  
       
Total current assets   248,096       229,688  
       
Property, plant and equipment, net   1,063,464       1,055,954  
Operating lease right-of-use assets   105,090       108,702  
Customer receivable - long term   44,698       46,706  
Goodwill and other intangible assets, net   179,489       185,794  
Other assets   89,132       81,025  
       
Total assets $ 1,729,969     $ 1,707,869  
       
Liabilities, redeemable non-controlling interests and stockholders’ equity:      
Current portion of long-term debt $ 18,070     $ 6,172  
Current portion of customer receivable credit facility   6,710       6,073  
Taxes payable   11,107       7,335  
Current portion of lease liabilities   16,472       15,457  
Other current liabilities   188,483       198,143  
       
Total current liabilities   240,842       233,180  
       
Long-term debt, net of current portion $ 464,069     $ 415,727  
Customer receivable credit facility, net of current portion   39,749       39,275  
Deferred income taxes   22,034       28,650  
Lease liabilities   80,893       83,319  
Other long-term liabilities   132,922       138,420  
       
Total liabilities   980,509       938,571  
       
Redeemable non-controlling interests   94,484       92,468  
       
Stockholders' equity      
Total ATN International, Inc.’s stockholders’ equity   557,253       580,814  
Non-controlling interests   97,723       96,016  
       
Total stockholders' equity   654,976       676,830  
       
Total liabilities, redeemable non-controlling interests and stockholders’ equity $ 1,729,969     $ 1,707,869  


               
       Table 2
ATN International, Inc.
Unaudited Condensed Consolidated Statements of Operations
(in Thousands, Except per Share Data)
               
  Three Months Ended,   Six Months Ended,
  June 30,   June 30,
Revenues: 2023   2022   2023   2022
Communications services $ 181,576     $ 171,795     $ 362,883     $ 338,338  
Construction   1,020       3,297       1,610       5,283  
Other   3,845       4,405       7,721       7,896  
Total revenue   186,441       179,497       372,214       351,517  
               
Operating expenses (excluding depreciation and amortization unless otherwise indicated):              
Cost of services and other   77,718       77,860       156,759       150,871  
Cost of construction revenue   1,016       3,286       1,604       5,319  
Selling, general and administrative   61,914       56,610       123,262       111,491  
Stock-based compensation   2,739       2,568       4,517       4,028  
Transaction-related charges   438       412       451       966  
Restructuring expenses   370       -       3,257       -  
Depreciation   36,217       33,817       72,621       67,109  
Amortization of intangibles from acquisitions   3,144       3,250       6,391       6,508  
(Gain) Loss on disposition of assets   445       (28 )     278       3,392  
Total operating expenses   184,001       177,775       369,140       349,684  
               
Operating income   2,440       1,722       3,074       1,833  
               
Other income (expense):              
Interest expense, net   (10,404 )     (4,278 )     (19,029 )     (7,590 )
Other income (expense)   2,216       (2,724 )     2,411       1,474  
Other income (expenses), net   (8,188 )     (7,002 )     (16,618 )     (6,116 )
               
Loss before income taxes   (5,748 )     (5,280 )     (13,544 )     (4,283 )
Income tax benefit   (5,087 )     (3,971 )     (5,827 )     (1,018 )
               
Net loss   (661 )     (1,309 )     (7,717 )     (3,265 )
               
Net loss attributable to non-controlling interests, net   1,428       784       2,599       1,794  
               
Net income (loss) attributable to ATN International, Inc. stockholders $ 767     $ (525 )   $ (5,118 )   $ (1,471 )
               
Net loss per weighted average share attributable to ATN International, Inc. stockholders:              
               
Basic Net Loss $ (0.03 )   $ (0.11 )   $ (0.48 )   $ (0.24 )
               
Diluted Net Loss $ (0.03 )   $ (0.11 )   $ (0.48 )   $ (0.24 )
               
Weighted average common shares outstanding:              
Basic   15,719       15,749       15,726       15,736  
Diluted   15,719       15,749       15,726       15,736  


 
Table 3
ATN International, Inc.
Unaudited Condensed Consolidated Cash Flow Statements
(in Thousands)
   
   Six Months Ended June 30,
    2023       2022  
       
Net Loss $ (7,717 )   $ (3,265 )
Depreciation   72,621       67,109  
Amortization of intangibles from acquisitions   6,391       6,508  
Provision for doubtful accounts   2,463       3,153  
Amortization of debt discount and debt issuance costs   1,162       1,004  
Loss on disposition of long-lived assets   278       3,392  
Stock-based compensation   4,517       4,028  
Deferred income taxes   (6,616 )     (3,871 )
Loss on pension settlement   369       1,725  
Gain on equity investments   (2,501 )     (3,401 )
Increase in customer receivable   1,186       (2,298 )
Change in prepaid and accrued income taxes   3,302       9,433  
Change in other operating assets and liabilities   (15,126 )     (32,797 )
       
Net cash provided by operating activities   60,329       50,720  
       
Capital expenditures   (89,451 )     (71,204 )
Government capital programs:      
Amounts disbursed   (6,986 )     (3,894 )
Amounts received   593       -  
Purchases of strategic investments   (1,055 )     (1,400 )
Purchases and sales of businesses   1,314       1,835  
       
Net cash used in investing activities   (95,585 )     (74,663 )
       
Dividends paid on common stock   (6,633 )     (5,348 )
Distributions to non-controlling interests   (1,447 )     (1,375 )
Finance leases   (481 )     (574 )
Term loan - repayments   (2,335 )     (938 )
Payment of debt issuance costs   (159 )     -  
Revolving credit facilities – borrowings   88,273       49,000  
Revolving credit facilities – repayments   (26,500 )     (24,500 )
Proceeds from customer receivable credit facility   4,300       8,000  
Repayment of customer receivable credit facility   (3,247 )     (2,258 )
Purchases of common stock - stock-based compensation   (1,433 )     (1,169 )
Purchases of common stock - share repurchase plan   (6,828 )     (941 )
Repurchases of non-controlling interests, net   (760 )     (4,491 )
       
Net cash provided by financing activities   42,750       15,406  
       
Net change in total cash, cash equivalents and restricted cash   7,494       (8,537 )
       
Total cash, cash equivalents and restricted cash, beginning of period   59,728       80,697  
       
Total cash, cash equivalents and restricted cash, end of period $ 67,222     $ 72,160  


 
Table 4
ATN International, Inc.
Selected Segment Financial Information
(In Thousands)
         
For the three months ended June 30, 2023 is as follows:
         
  International Telecom US Telecom Corporate and Other * Total
         
Statement of Operations Data:        
Revenue        
Mobility        
Business $ 3,507   $ 114   $ -   $ 3,621  
Consumer   23,349     863     -     24,212  
Total $ 26,856   $ 977   $ -   $ 27,833  
         
Fixed        
Business $ 17,214   $ 35,495   $ -   $ 52,709  
Consumer   42,459     22,608     -     65,067  
Total $ 59,673   $ 58,103   $ -   $ 117,776  
         
Carrier Services $ 3,879   $ 31,576   $ -   $ 35,455  
Other   448     64     -     512  
         
Total Communications Services $ 90,856   $ 90,720   $ -   $ 181,576  
         
Construction $ -   $ 1,020   $ -   $ 1,020  
         
Managed services $ 1,125   $ 2,720   $ -   $ 3,845  
Total Other $ 1,125   $ 2,720   $ -   $ 3,845  
         
Total Revenue $ 91,981   $ 94,460   $ -   $ 186,441  
         
Depreciation $ 14,106   $ 21,430   $ 681   $ 36,217  
Amortization of intangibles from acquisitions $ 364   $ 2,780   $ -   $ 3,144  
Total operating expenses $ 77,429   $ 96,854   $ 9,720   $ 184,003  
Operating income (loss) $ 14,552   $ (2,394 ) $ (9,720 ) $ 2,438  
Non-controlling interest ( net income or (loss) ) $ (2,050 ) $ 3,478   $ -   $ 1,428  
         
Non GAAP measures:        
EBITDA (2) $ 29,022   $ 21,816   $ (9,039 ) $ 41,799  
Adjusted EBITDA (1) $ 29,128   $ 22,776   $ (6,113 ) $ 45,791  
         
Balance Sheet Data (at June 30, 2023):        
Cash, cash equivalents and restricted cash $ 33,331   $ 25,433   $ 8,458   $ 67,222  
Total current assets   116,153     121,908     10,035     248,096  
Fixed assets, net   472,547     584,834     6,083     1,063,464  
Total assets   668,185     975,996     85,788     1,729,969  
Total current liabilities   88,950     123,616     28,276     240,842  
Total debt, including current portion   63,478     280,661     138,000     482,139  
         
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments
 
Table 4 (continued)
         
ATN International, Inc.
Selected Segment Financial Information
(In Thousands)
         
For the three months ended June 30, 2022 is as follows:
         
  International Telecom US Telecom Corporate and Other * Total
Statement of Operations Data:        
Revenue        
Mobility        
Business $ 3,675   $ 301   $ -   $ 3,976  
Consumer   21,279     1,549     -     22,828  
Total $ 24,954   $ 1,850   $ -   $ 26,804  
         
Fixed        
Business $ 16,996   $ 31,866   $ -   $ 48,862  
Consumer   41,353     19,166     -     60,519  
Total $ 58,349   $ 51,032   $ -   $ 109,381  
         
Carrier Services $ 3,421   $ 31,753   $ -   $ 35,174  
Other   436     -     -     436  
         
Total Communications Services $ 87,160   $ 84,635   $ -   $ 171,795  
         
Construction $ -   $ 3,297   $ -   $ 3,297  
         
Managed services $ 1,246   $ 3,159   $ -   $ 4,405  
         
Total Other $ 1,246   $ 3,159   $ -   $ 4,405  
         
Total Revenue $ 88,406   $ 91,091   $ -   $ 179,497  
         
Depreciation $ 15,074   $ 17,763   $ 980   $ 33,817  
Amortization of intangibles from acquisitions $ 394   $ 2,856   $ -   $ 3,250  
Total operating expenses $ 76,761   $ 91,372   $ 9,642   $ 177,775  
Operating income (loss) $ 11,645   $ (281 ) $ (9,642 ) $ 1,722  
Non-controlling interest ( net income or (loss) ) $ (921 ) $ 1,705   $ -   $ 784  
         
Non GAAP measures:        
EBITDA (2) $ 27,113   $ 20,338   $ (8,662 ) $ 38,789  
Adjusted EBITDA (1) $ 27,169   $ 20,729   $ (6,157 ) $ 41,741  
         
         
(1) See Table 5 for reconciliation of Operating Income to Adjusted EBITDA
(2) See Table 5 for reconciliation of Operating Income to EBITDA
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments
         
         
Table 4 (continued)
         
ATN International, Inc.
Selected Segment Financial Information
(In Thousands)
         
For the six months ended June 30, 2023 is as follows:
         
  International Telecom US Telecom Corporate and Other * Total
         
Statement of Operations Data:        
Revenue        
Mobility        
Business $ 7,083   $ 286   $ -   $ 7,369  
Consumer   45,880     1,850     -     47,730  
Total $ 52,963   $ 2,136   $ -   $ 55,099  
         
Fixed        
Business $ 34,327   $ 71,814   $ -   $ 106,141  
Consumer   84,236     45,190     -     129,426  
Total $ 118,563   $ 117,004   $ -   $ 235,567  
         
Carrier Services $ 7,570   $ 63,660   $ -   $ 71,230  
Other   848     139     -     987  
         
Total Communications Services $ 179,944   $ 182,939   $ -   $ 362,883  
         
Construction $ -   $ 1,610   $ -   $ 1,610  
         
Managed services $ 2,445   $ 5,276   $ -   $ 7,721  
Total Other $ 2,445   $ 5,276   $ -   $ 7,721  
         
Total Revenue $ 182,389   $ 189,825   $ -   $ 372,214  
         
Depreciation $ 28,292   $ 42,917   $ 1,412   $ 72,621  
Amortization of intangibles from acquisitions $ 744   $ 5,646   $ -   $ 6,390  
Total operating expenses $ 154,012   $ 196,562   $ 18,566   $ 369,140  
Operating income (loss) $ 28,377   $ (6,737 ) $ (18,566 ) $ 3,074  
Non-controlling interest ( net income or (loss) ) $ (3,856 ) $ 6,455   $ -   $ 2,599  
         
Non GAAP measures:        
EBITDA (2) $ 57,413   $ 41,826   $ (17,154 ) $ 82,085  
Adjusted EBITDA (1) $ 57,586   $ 45,583   $ (12,581 ) $ 90,588  
         
         
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments 
 
Table 4 (continued)
         
ATN International, Inc.
Selected Segment Financial Information
(In Thousands)
         
For the six months ended June 30, 2022 is as follows:
         
  International Telecom US Telecom Corporate and Other * Total
         
Statement of Operations Data:        
Revenue        
Mobility        
Business $ 7,291   $ 674   $ -   $ 7,965  
Consumer   41,249     3,006     -     44,255  
Total $ 48,540   $ 3,680   $ -   $ 52,220  
         
Fixed        
Business $ 34,250   $ 59,011   $ -   $ 93,261  
Consumer   82,446     38,136     -     120,582  
Total $ 116,696   $ 97,147   $ -   $ 213,843  
         
Carrier Services $ 6,823   $ 64,742   $ -   $ 71,565  
Other   710     -     -     710  
         
Total Communications Services $ 172,769   $ 165,569   $ -   $ 338,338  
         
Construction $ -   $ 5,283   $ -   $ 5,283  
         
Managed services $ 2,422   $ 5,474   $ -   $ 7,896  
         
Total Other $ 2,422   $ 5,474   $ -   $ 7,896  
         
Total Revenue $ 175,191   $ 176,326   $ -   $ 351,517  
         
Depreciation $ 28,971   $ 36,205   $ 1,933   $ 67,109  
Amortization of intangibles from acquisitions $ 812   $ 5,696   $ -   $ 6,508  
Total operating expenses $ 151,741   $ 181,240   $ 16,703   $ 349,684  
Operating income (loss) $ 23,450   $ (4,914 ) $ (16,703 ) $ 1,833  
Non-controlling interest ( net income or (loss) ) $ (2,440 ) $ 4,234   $ -   $ 1,794  
         
Non GAAP measures:        
EBITDA (2) $ 53,233   $ 36,987   $ (14,770 ) $ 75,450  
Adjusted EBITDA (1) $ 54,380   $ 40,398   $ (10,942 ) $ 83,836  
         
         
         
Balance Sheet Data (at December 31, 2022):        
Cash, cash equivalents and restricted cash $ 26,418   $ 26,375   $ 6,935   $ 59,728  
Total current assets   105,324     116,038     8,326     229,688  
Fixed assets, net   462,447     585,969     7,538     1,055,954  
Total assets   643,664     980,543     83,662     1,707,869  
Total current liabilities   86,738     119,756     26,686     233,180  
Total debt, including current portion   59,659     263,240     99,000     421,899  
         
         
(1) See Table 5 for reconciliation of Operating Income to Adjusted EBITDA
(2) See Table 5 for reconciliation of Operating Income to EBITDA
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments
         


         
Table 5
ATN International, Inc.
Reconciliation of Non-GAAP Measures
(In Thousands)
         
For the three months ended June 30, 2023 is as follows:
         
  International Telecom US Telecom Corporate and Other * Total
         
         
Operating income (loss) $ 14,552   $ (2,394 ) $ (9,720 ) $ 2,438  
Depreciation expense   14,106     21,430     681     36,217  
Amortization of intangibles from acquisitions   364     2,780     -     3,144  
EBITDA $ 29,022   $ 21,816   $ (9,039 ) $ 41,799  
         
Stock-based compensation   109     9     2,621     2,739  
Restructuring expenses   -     370     -     370  
Transaction-related charges   -     133     305     438  
(Gain) Loss on disposition of assets   (3 )   448     -     445  
ADJUSTED EBITDA $ 29,128   $ 22,776   $ (6,113 ) $ 45,791  
         
         
For the three months ended June 30, 2022 is as follows:
         
  International Telecom US Telecom Corporate and Other * Total
         
         
Operating income (loss) $ 11,645   $ (281 ) $ (9,642 ) $ 1,722  
Depreciation expense   15,074     17,763     980     33,817  
Amortization of intangibles from acquisitions   394     2,856     -     3,250  
EBITDA $ 27,113   $ 20,338   $ (8,662 ) $ 38,789  
         
Stock-based compensation   56     79     2,433     2,568  
Transaction-related charges   -     340     72     412  
(Gain) Loss on disposition of assets   -     (28 )   -     (28 )
ADJUSTED EBITDA $ 27,169   $ 20,729   $ (6,157 ) $ 41,741  
         
Table 5 (continued)
         
For the six months ended June 30, 2023 is as follows:
         
  International Telecom US Telecom Corporate and Other * Total
         
         
Operating income (loss) $ 28,377   $ (6,737 ) $ (18,566 ) $ 3,074  
Depreciation expense   28,292     42,917     1,412     72,621  
Amortization of intangibles from acquisitions   744     5,646     -     6,390  
EBITDA $ 57,413   $ 41,826   $ (17,154 ) $ 82,085  
         
Stock-based compensation   176     86     4,255     4,517  
Restructuring expenses   -     3,257     -     3,257  
Transaction-related charges   -     133     318     451  
(Gain) Loss on disposition of assets   (3 )   281     -     278  
ADJUSTED EBITDA $ 57,586   $ 45,583   $ (12,581 ) $ 90,588  
         
         
For the six months ended June 30, 2022 is as follows:
         
  International Telecom US Telecom Corporate and Other * Total
         
         
Operating income (loss) $ 23,450   $ (4,914 ) $ (16,703 )   1,833  
Depreciation expense   28,971     36,205     1,933     67,109  
Amortization of intangibles from acquisitions   812     5,696     -     6,508  
EBITDA $ 53,233   $ 36,987   $ (14,770 ) $ 75,450  
         
Stock-based compensation   116     169     3,743     4,028  
Transaction-related charges   -     881     85     966  
(Gain) Loss on disposition of assets   1,031     2,361     -     3,392  
ADJUSTED EBITDA $ 54,380   $ 40,398   $ (10,942 ) $ 83,836  


       
Table 6
       
ATN International, Inc.
Non GAAP Measure - Net Debt Ratio
(in Thousands)
       
       
  June 30,   December 31,
    2023     2022  
       
       
Current portion of long-term debt * $ 18,070     $ 6,172  
Long-term debt, net of current portion *   464,069       415,727  
       
Total debt $ 482,139     $ 421,899  
       
Less: Cash, cash equivalents and restricted cash   67,222       59,728  
       
Net Debt $ 414,917     $ 362,171  
       
       
Adjusted EBITDA - for the four quarters ended $ 179,444     $ 172,688  
       
       
Net Debt Ratio   2.31       2.10  
       
       
* Excludes Customer receivable credit facility      
       

 


1 See Table 5 for reconciliation of Operating Income to Adjusted EBITDA, a non-GAAP measure.

2 See Table 5 for reconciliation of Operating Income to EBITDA, a non-GAAP measure.

3 For the Company’s Adjusted EBITDA Guidance, the Company is not able to provide without unreasonable effort the most directly comparable GAAP financial measures, or reconciliations to such GAAP financial measures, on a forward-looking basis. Please see “Use of Non-GAAP Financial Measures” below for a full description of items excluded from the Company’s expected Adjusted EBITDA and Net Debt.


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